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MT Højgaard Holding

MT Højgaard Holding

DKKm 2021 2022e 2023e
Sales 7203 8521 7958
Sales growth (%) 21 18,3 -6,6
EBITDA 151 357 466
EBITDA margin (%) 2,1 4,2 5,9
EBIT adj 136 207 299
EBIT adj margin (%) 1,9 2,4 3,8
Pretax profit 41 141 294
EPS rep 8,49 13,98 29,09
EPS growth (%) -0,6 64,6 108,1
EPS adj 16,37 18,89 26,01
DPS 0 0 0
EV/EBITDA (x) 13,3 4,1 2,6
EV/EBIT adj (x) 14,8 7,2 4
P/E (x) 25,7 9,6 4,6
P/E adj (x) 13,3 7,1 5,2
EV/sales (x) 0,3 0,2 0,2
FCF yield (%) -26,3 -7,1 28,9
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 2,8 1,6 0,7
Lease adj. FCF yield (%) -26,3 -7,1 28,9
Lease adj. ND/EBITDA 2,1 1,5 0,7
DKKm 2021 2022e 2023e
Sales 7203 8521 7958
COGS -6669 -7877 -7246
Gross profit 534 644 712
Other operating items -383 -287 -246
EBITDA 151 357 466
Depreciation on tangibles -75 -86 -92
Depreciation on intangibles -75 -86 -92
EBITA 0 178 299
Goodwill impairment charges -16 -5 -5
Other impairment and amortisation -37 -34 0
EBIT 127 197 323
Other financial items 0 0 0
Net financial items -34 -28 -29
Associated income 0 0 0
Other EO items -35 0 0
Pretax profit 41 141 294
Tax 41 -32 -68
Net profit 82 109 226
Minority interest -16 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 66 109 226
EPS 8,49 13,98 29,09
EPS Adj 16,37 18,89 26,01
Total extraordinary items after tax -104,2 -57,6 0
Tax rate (%) 100,7 -22,7 -23
Gross margin (%) 7,4 7,6 8,9
EBITDA margin (%) 2,1 4,2 5,9
EBITA margin (%) 0 2,1 3,8
EBIT margin (%) 1,8 2,3 4,1
Pretax margin (%) 0,6 1,7 3,7
Net margin (%) 1,1 1,3 2,8
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 21 18,3 -6,6
EBITDA growth (%) -34,7 136 30,5
EBIT growth (%) 140,8 55,9 63,5
Net profit growth (%) 496,1 32,2 108,1
EPS growth (%) -0,6 64,6 108,1
Profitability 2021 2022 2023
ROE (%) 9,9 14 24
ROE Adj (%) 19,2 19 21,5
ROCE (%) 5,5 11,8 20,1
ROCE Adj(%) 9,9 14,4 18,6
ROIC (%) 19,6 11 16,5
ROIC Adj (%) 21 11,5 15,3
Adj earnings numbers 2021 2022 2023
EBITDA Adj 203 386 466
EBITDA Adj margin (%) 2,8 4,5 5,9
EBITA Adj 52 207 299
EBITA Adj margin (%) 0,7 2,4 3,8
EBIT Adj 136 207 299
EBIT Adj margin (%) 1,9 2,4 3,8
Pretax profit Adj 102 179 270
Net profit Adj 144 147 202
Net profit to shareholders Adj 127 147 202
Net Adj margin (%) 2 1,7 2,5
Depreciation and amortisation -151 -179 -167
Of which leasing depreciation -61 -72 -67
EO items -52 -29 0
Impairment and PPA amortisation 43 19 24
EBITDA lease Adj 203 386 466
EBITDA lease Adj margin (%) 2,8 4,5 5,9
Leasing payments 0 0 0
DKKm 2021 2022e 2023e
EBITDA 151 357 466
Net financial items -34 -28 -29
Paid tax 41 -32 -68
Non-cash items 43 19 24
Cash flow before change in WC 202 317 394
Change in WC -343 -177 107
Operating cash flow -141 139 501
CAPEX tangible fixed assets -108 -128 -119
CAPEX intangible fixed assets -72 -85 -80
Acquisitions and disposals -126 0 0
Free cash flow -447 -74 302
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items 420 -68 -48
Decrease in net IB debt -49 4 233
Balance Sheet (DKKm) 2021 2022 2023
Goodwill 265 284 308
Indefinite intangible assets 0 0 0
Definite intangible assets 217 165 145
Tangible fixed assets 0 74 143
Other fixed assets 701 695 690
Fixed assets 1453 1526 1606
Inventories 356 665 621
Receivables 2278 2375 2218
Other current assets 0 0 0
Cash and liquid assets 252 111 364
Total assets 4339 4677 4809
Shareholders equity 721 830 1056
Minority 16 16 16
Total equity 737 846 1072
Long-term debt 670 670 670
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 102 102 102
Other long-term liabilities 282 282 282
Capital invested 1267 1517 1489
Working capital 184 361 254
EV breakdown 2021 2022 2023
Market cap. diluted (m) 1697 1043 1043
Net IB debt Adj 419 561 307
Market value of minority 0 0 0
Reversal of shares and participations -104 -123 -147
Reversal of conv. debt assumed equity 0 0 0
EV 2012 1480 1203
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 172,5 189 167,8
Capital invested turnover (%) 366,2 408,5 424,8
Capital employed turnover (%) 413,7 457,5 440,2
Inventories / sales (%) 8,5 8,3 8,2
Customer advances / sales (%) 12 11 11,6
Payables / sales (%) 5,8 5,7 5,6
Working capital / sales (%) 1 3,2 3,9
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 56,9 66,3 28,6
Net debt / market cap (%) 26,1 53,8 29,4
Equity ratio (%) 17 18,1 22,3
Net IB debt adj. / equity (%) 56,9 66,3 28,6
Current ratio (%) 117,8 117,6 123,9
EBITDA / net interest (%) 450,2 1279,7 1612,7
Net IB debt / EBITDA (%) 277,3 157 65,9
Interest cover (%) 10,9 569,3 918,4
Short-term debt 1 1 1
Accounts payable 363 474 442
Other current liabilities 2087 2205 2143
Total liabilities and equity 4339 4677 4809
Net IB debt 419 561 307
Net IB debt excl. pension debt 419 561 307
Lease liability amortisation 0 0 0
Other intangible assets 265 296 325
Right-of-use asset 256 185 118
Total other fixed assets 668 687 711
Leasing liability 0 0 0
Total other long-term liabilities 481 481 481
Net IB debt excl. leasing 419 561 307
Net IB debt / EBITDA lease Adj (%) 206,2 145,3 65,9
DKKm 2021 2022e 2023e
Shares outstanding adj. 8 8 8
Fully diluted shares Adj 8 8 8
EPS 8,49 13,98 29,09
Dividend per share Adj 0 0 0
EPS Adj 16,37 18,89 26,01
BVPS 92,59 106,57 135,66
BVPS Adj 24,63 32,07 54,29
Net IB debt / share 53,9 72 39,4
Share price 206,78 134 134
Market cap. (m) 1609 1043 1043
Valuation 2021 2022 2023
P/E 25,7 9,6 4,6
EV/sales 0,28 0,17 0,15
EV/EBITDA 13,3 4,1 2,6
EV/EBITA 0 8,3 4
EV/EBIT 15,9 7,5 3,7
Dividend yield (%) 0 0 0
FCF yield (%) -26,3 -7,1 28,9
P/BVPS 2,35 1,26 0,99
P/BVPS Adj 8,85 4,18 2,47
P/E Adj 13,3 7,1 5,2
EV/EBITDA Adj 9,9 3,8 2,6
EV/EBITA Adj 38,6 7,2 4
EV/EBIT Adj 14,8 7,2 4
EV/cap. employed 1,4 1 0,7
Investment ratios 2021 2022 2023
Capex / sales 2,5 2,5 2,5
Capex / depreciation 198,4 198,4 198,4
Capex tangibles / tangible fixed assets 0 172,4 83,3
Capex intangibles / definite intangibles 27,2 28,8 24,5
Depreciation on intangibles / definite intangibles 17,2 18,1 15,4
Depreciation on tangibles / tangibles 0 72,4 35
Lease adj. FCF yield (%) -26,3 -7,1 28,9

Key Figure Counter

It is not always easy to generate comparative valuations. Therefore, in order to make it easier for you as an investor, we have created this key figure calculator. Enter share price in the field below and then select the year in which you want to retrieve the financial data.

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P/E

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A common valuation multiple, the share price is divided by earnings per share.

P/E ratio stands for Price and Earnings. By dividing a company's market cap to its earnings, investors get a key ratio which they are able to compare between different companies. The ratio can either be calculated on historical or forward-looking numbers. 

It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.

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EV/EBIT

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EV stands for Enterprise Value and is calculated as a company's markets cap in addition to its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. 

EBIT is the Earnings Before Interest and Taxes which is the operating income. This result, in comparison to the P/E ratio, is not affected by any financial items.

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EV/Sales

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EV stands for Enterprise Value and is calculated as a company's market cap adjusted for its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. S is the company's total sales.

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P/BVPS

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P/B stands for Price to Book, which is used to compare a share's market cap to its book value. A P/B ratio that is below one is considered to be valued below its assets.

Companies with high return on equity are usually associated with high P/B ratios, and vice versa. 

 

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